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ā¢ Sales/EBITDA/PBT/PAT growth for Nifty constituents was marginally better than our estimates at +5%/+21%/+27%/+28% YoY in 2QFY24.
ā¢ Corporate earnings in 2QFY24 exceeded expectations, with MOFSL estimates primarily being driven by the Financials and Auto sectors.
ā¢ Nifty is trading at a 12-month forward P/E ratio of 17.8x, which is at 12% discount vs. its long-period average.